Erie County Industrial Development Agency Approves Inducement to Support Nearly $116 million in Local Projects

by chocieni

Mon, Nov 8th 2010 11:00 am

November 8, 2010 - Buffalo, NY - The Erie County Industrial Development Agency (ECIDA) board and its Industrial Land Development Corporation (ILDC) today approved a mix of tax abatement packages and tax-exempt financing arrangements to leverage $115.8 million in new projects.

Actions by the ECIDA and RDC boards will support a range of developments, ranging from adaptive reuse of the historic Lafayette Hotel and Calumet Building in downtown Buffalo, to construction of a new parking ramp for the Buffalo Niagara Medical Campus, and major projects on the Canisius and Medaille College campuses.

"Today's approvals demonstrate the broad range and flexibility of funding mechanisms this agency possesses to leverage major private and public investments in Erie County. This is exactly the role we were established to play in enabling growth and revitalization," said ECIDA Chairman Phil Ackerman.

The largest transaction was ILDC approval of a $34 million of tax exempt bonds with 134 High Street, LLC for construction of an 1,800-vehicle parking ramp on the Buffalo Niagara Medical Campus (BNMC). The parking structure project, which will be located at the corner of High and Michigan streets, will create more than 400 temporary construction jobs, plus four permanent positions, while supporting the fast-growing BNMC's parking needs.

The ILDC also okayed $16 million in tax-exempt financing for a state-of-the-art science center on the Canisius College campus. The project will transform a building at 1901 Main St., which began life as a Sears Roebuck department store and most recently housed HealthNow, into the college's Science Hall.

The board also approved a $12 million tax exempt bond sale to support Medaille College plans for expansion of its Huber Hall and Sullivan Center to create a mix of academic and recreational space.

Meanwhile, the ECIDA board approved $837,000 in sales, property and mortgage recording tax abatements to aid four adaptive reuse projects, totaling $8.6 million. The list of projects, all located in downtown Buffalo includes:

- 100 South Elmwood LLC, $135,000 in tax abatements for a $3 million renovation of the circa-1916 Robertson Cataract Building (also known as the Corn Exchange), 157 W. Mohawk St., to a mix of office and residential space.

- 52 Chippewa LLC/Calumet, $459,250 in tax abatements for a $2.9 million overhaul of historic Calumet Building to add office space to upper floors.

- Alliance Advisory Group, Inc., 600 Delaware Ave., $242,000 tax abatement package for a $2.7 million project to overhaul the vacant, former home of Rural Metro Ambulance to office space

The board also amended as previously approved abatement package for developer Rocco Termini, whose Buffalo Lafayette, LLC, plans a $34 million overhaul of the historic Lafayette Hotel, at 391 Washington St. In addition to a $2.09 million sales and mortgage recording tax waiver, the agency is working on a custom PILOT arrangement.

Also today, the ECIDA board approved a $458,000 tax abatement package to aid 2497 Delaware Holdings, LLC/WNY Immediate Care in opening a new urgent care medical clinic. The area's fourth Immediate Care will be located on the former Gallagher Printing site, at 2497 Delaware Ave., in North Buffalo.

The medical firm plans to invest $3.2 million to purchase the property, demolish the existing building and erect a 7,400 square foot clinic. The urgent care center will employ 18 full-time and 10 part-time staffers.

Triad Recycling and Energy Corp. also saw approval of $84,000 in tax abatements tied to its plans to convert a Town of Tonawanda industrial site to a recycling center. The company, which is currently located in Maryland, will recycle asphalt, roofing shingles and other demolition materials at 3755 River Road, creating 10 new jobs.